Banco Sabadell has communicated to the National Securities Market Commission (CNMV) that, in just the first week of validity of its new share buyback program, it has already consumed 7.55% of the total amount planned.
In this initial period, the entity has acquired around 7.53 million shares, for which it has disbursed 25 million euros, as detailed in the information sent to the supervisor.
The buyback plan has a maximum authorized amount of 331 million euros. Within this limit, the bank may buy up to 467,846,248 treasury shares, which is approximately 10% of its share capital.
The purchases will be made at market prices and, in any case, orders will not be executed at a price higher than the highest between the last independent transaction made and the highest existing independent buy offer in the trading center where the order is placed.
Additionally, Banco Sabadell has committed not to exceed 25% of the average daily trading volume of its shares recorded in the 20 trading days prior to each acquisition in the corresponding market on any trading day. The program will be in effect, at most, until December 31.
However, the financial entity reserves the possibility of concluding the plan before that date if the maximum number of shares planned is reached earlier or the total authorized amount is exhausted.
The execution of this buyback program will fall to the internal team that, in accordance with Banco Sabadell's treasury stock policy, is entrusted with managing operations on its own shares.